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Old 11-06-2007, 06:52 AM
 
Location: Sitting on a bar stool. Guinness in hand.
4,429 posts, read 5,655,785 times
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OK. I'm the northeast and I not quite making that much money (20 min outside of NYC). But I know even if I did I really nothing up here even. Even if I made 3 times that amount I would not be rich. I would be comfortable but definitely not rich.
So let me ask you guys. In your area (and please give us a general idea where you are.) do you think making a $170,000 makes you rich? If so what the level of income would make you below rich? If the answer is no what is the income level that would make you rich there?

http://finance.yahoo.com/banking-bud...ealth-Spectrum
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Old 11-06-2007, 06:58 AM
 
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Income level before you are rich. Depends what you define as rich. Rich enough to use tax loopholes to pay taxes only at 15% and live wealthy, then I say you have to make more than $1 M per year. Live wealthy but pay 38% tax... well thats what the income tax brackets by IRS is for..
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Old 11-06-2007, 06:59 AM
 
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While I'm not sure what the definition of rich means to each individual, I feel that in east TN, 170,000K per year would qualify one as rich to me. But that could also depend on circumstances. If it was a person who is divorced, paying alimony and child support on 3 kids, and maybe they have health issues also, 170k could evaporate quick. So the actual dollar amount IMO has less to do with it than circumstances.
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Old 11-06-2007, 07:03 AM
 
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Like others have said, it depends on your deifinition of rich and where you live. If it's NYC, LA or SF - I'd say no way.
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Old 11-06-2007, 07:03 AM
 
2,967 posts, read 1,751,736 times
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No, doesn't make one "rich." It's not what one makes but what one has to show for it, what one saves. People making 200,000 a year who are living large may be living paycheck to paycheck. It takes more than a large income to qualify as "rich."
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Old 11-06-2007, 07:55 AM
 
12,625 posts, read 18,123,176 times
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Quote:
Originally Posted by spunky1 View Post
No, doesn't make one "rich." It's not what one makes but what one has to show for it, what one saves. People making 200,000 a year who are living large may be living paycheck to paycheck. It takes more than a large income to qualify as "rich."
Most are too. They don't own their cars, furniture, ccd's are high.
Or you could have the reverse they have a big big home and no furniture because they cannot afford to furnish it.LOL You live comfortable not rich.
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Old 11-06-2007, 08:00 AM
 
17,297 posts, read 25,640,251 times
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Wealth, like poverty, is relative. It depends on the company you keep.

I remember watching one of those trashy gossip clips on TMZ where that trust fund baby friend of Paris Hilton (the weird looking guy whose name I don't care to look up), was talking about how Lindsey Lohan is "only" worth $7 million, which, he said, "means she's really really poor."


It's why million dolalr executives embezzle. Their friends just bought a jet, so they're feeling poor in comparison.
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Old 11-06-2007, 08:00 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
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Not where I live.
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Old 11-06-2007, 08:57 AM
 
Location: Portland, Oregon
5,138 posts, read 7,204,533 times
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Quote:
Originally Posted by spunky1 View Post
No, doesn't make one "rich." It's not what one makes but what one has to show for it, what one saves. People making 200,000 a year who are living large may be living paycheck to paycheck. It takes more than a large income to qualify as "rich."
Exactly. It's not what you spend, it's what you save.
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Old 11-06-2007, 09:01 AM
 
Location: NC
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I know people who dont have a pot to P__ in that are some of the happiest people I have ever met. Rich is what you make it not what makes you
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